Senate Bill 308, which is now headed to the House for consideration, would reduce the total assessed value on agricultural land by an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.

Farmers across Indiana would get a big property tax cut under legislation moving through the General Assembly that would reduce their assessed land values an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.

County officials say a legislative fix for the issue passed earlier this year wasn’t strict enough. They say big-box stores are skirting their tax burden by using using vacant buildings to determine the value for taxation of brand-new stores.

Uncertainty still looms over how much retail assessment appeals could reduce revenue for local governments, libraries and schools or whether they’ll shift costs to other taxpayers, including businesses and homeowners.

The bill comes as assessors around the state worry that recent Indiana Board of Tax Review decisions in favor of Meijer and Kohl’s will force them to slash the value of big-box stores during the upcoming spring assessment cycle.

The Indiana Board of Tax Review ruled in December that the East 96th Street Meijer store—one of the most successful in the state—should have been assessed in 2012 at the equivalent of $30 per square foot, not the $83 per square foot assigned by Marion County.

A years-long fight between Marion County and mall developer Simon Property Group Inc. has moved to the Indiana Tax Court as a judge weighs vastly different estimates of the values of Lafayette Square Mall and Washington Square Mall.

By issuing “voluntary environmental improvement bonds,”, local and state governments could
create special taxing districts that finance homeowner purchases of everything from solar panels to rain
gardens.

Events

Health Care & Benefits Power Breakfast Find out about the latest trends in health care at our Health Care & Benefits Power Breakfast. Our panel of local executives will offer insight and forecast for what's ahead on September 26th.
Purchase your tickets now!Women of Influence Meet and network with some of the city's most powerful and inspirational women at IBJ's 2019 Women of Influence on October 31st.
Purchase your tickets now!

Nominations

Michael A. Carroll Award Nominations IBJ's Michael A. Carrol award is given in memory of former mayor & civic leader Michael Carroll. This award honors a man or woman who demonstrates Mike's qualities of determination, humility and devotion to the central Indiana community. Nominate now!CFO of the Year Award Nominations IBJ's CFO of the Year honors financial professionals in Indiana for outstanding performance in their roles as financial stewards of corporations and not-for-profit /government organizations. Nominate today!